Middle East Conflict Drives Oil Prices to Highest Levels Since 2024

Crude oil prices are surging due to ongoing conflict in the Middle East, which has halted shipping and energy exports through the Strait of Hormuz. The disruption is causing a significant increase in prices, with Brent crude futures up nearly 22% this week and West Texas Intermediate (WTI) gaining close to 27%. Both benchmarks have traded at their highest levels since 2024.

Qatar's energy minister has warned that all Gulf energy producers may shut down exports within weeks, which could drive oil prices to $150 a barrel. The minister's comments come as the U.S. and Israel launched strikes on Iran, prompting Tehran to stop tankers moving through the Strait of Hormuz.

The conflict has spread across key energy-producing areas in the Middle East, disrupting output and forcing shutdowns of refineries and liquefied natural gas plants. Analysts believe that every day the Strait remains closed, prices will continue to rise.